Bitcoin exchanges provide simple interfaces to enter market and limit orders. However there is a lack of algorithmic trading tools. Bitcoinica provides limit and market trailing stops. Anything more complicated requires using a custom-coded trading bot or adapting a third-party tool to consume real-time market data and enter orders via API. I want to gauge the need for a web-based tool to display consolidated market data and allow for complex order types in a standard way to all Bitcoin exchanges. Think Bitcoincharts but for market data and order entry.
If it were up to me I would only use it if it were open source and I could run it myself to do trading. Not sure how much I would trust a 3rd party to connect on my behalf to the exchanges to do trading. I realize Bitcoinica does this (from what I understand) but that always irked me a bit. I guess if you manage the amounts in your exchange account to within some risk you are willing to handle it would be good.
I personally have been working on a node.js library for some basic algo trading. It is capable of supporting multiple exchanges and a web interface could be put on top of it pretty easily.